Banker Daniel Vorcaro, owner of Banco Master, declared R$570 million income to Brazil's Federal Revenue in 2024, receiving a R$28,000 income tax refund. The data, obtained by Folha and sent to the joint INSS CPI, show a R$1.23 billion asset jump during the period, amid probes into frauds at the liquidated bank.
Daniel Vorcaro declared a total income of R$570 million in 2024, according to his 2025 income tax return sent to the joint INSS CPI and obtained by Folha. Of this amount, he received about R$1.7 million in remuneration from Banco Master, with monthly figures of R$96,213.60 from January to August and R$100,677.91 from September onward. Approximately R$307 million was withheld at source in taxes, plus R$431,000 in exempt income.
Vorcaro's assets jumped from R$1.41 billion in goods and rights at the end of 2023 to R$2.64 billion at the end of 2024. Declared assets include R$49.7 million in artworks and watches, plus four Land Rover vehicles valued between R$195,000 and R$410,000. Cash on hand fell from R$1.38 million in 2023 to R$250,000 in 2024. Until 2022, Vorcaro had not reported owning artworks or watches.
These details emerge amid Federal Police investigations into frauds at Banco Master, liquidated by the Central Bank in November 2025, causing losses over R$50 billion to entities like the FGC and pension funds. Vorcaro was preventively arrested on March 4, 2026, in the third phase of Operation Compliance Zero, by order of STF Justice André Mendonça, who took over the inquiries' rapporteurship.
Vorcaro's defense told Folha it would not comment on the matter. In 2024, probes indicate activities like selling fake portfolios to BRB were already underway.
